NigeriaStartup and Funding

Husk Power Secures Funding for 8 Community Solar Microgrids in Nigeria

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Husk Power Secures Funding for 8 Community Solar Microgrids in Nigeria

  • Husk Power Systems has secured funding from Germany’s development finance institution DEG to build 8 new community solar microgrids in Nigeria, and to support expansion of the company’s India operations.

DEG allocated the funds from its Up-Scaling Program, which is co-financed by the Federal Ministry for Economic Cooperation and Development. The 5-year loan in the amount of US $749,000 follows Husk successfully closing debt totalling US $10.3 million from EDFI-ElectriFI and IREDA in 2022 to build over 200 microgrids in India. The DEG financing is the first debt raised by Husk for its business in Nigeria, where the company currently has 12 operational microgrids, and a target of building 500 by 2026.

The 8 microgrids in Nigeria will connect more than 500 residential and commercial customers, reduce the number of diesel generators in use by 400, while creating about 40 new direct local jobs.

Author: Bryan Groenendaal

Source: GBA

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